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Business news and updates: U.S. calls on OPEC+ to increase production

Dynamic Business brings you a daily rundown of the most recent business news and developments from Australia and around the world. Here’s the roundup for August 12: 

Consumer sentiment hit hard by lockdowns

In August, the Westpac-Melbourne Institute Index of Consumer Sentiment declined by 4.4 per cent to an 11-month low. 

The biggest falls in sentiment were for paraprofessionals and tradies (down 15.2 per cent), sales and clerical workers (down 13.3 per cent), and those aged 18-24 years experienced the greatest drops in confidence (down 10.5 per cent). 

In Melbourne, confidence fell 12.5 per cent, while in Sydney, it fell 3.9 per cent.

$3 billion asset sale ups NSW net worth: Treasury

The NSW Treasury claims that a controversial $3 billion land and property sales objective will boost the state’s net worth, but NSW Labour and unions are requesting more information about the proposal to sell off state-owned assets. 

According to the Sydney Morning Herald, a briefing document labelled ‘sensitive’ ordered agencies to come up with $3 billion in land and property sales by 2023 in order to manage fiscal headroom and fund infrastructure.

Trade committee says exports need to diversify 

The federal government issued a study emphasising the need to diversify the export business in order to reduce supply chain risks, but it made no mention of trade concerns with China. 

A joint trade committee has suggested that Australia diversify its exports to other nations and restrict its exposure to foreign economies that pose a threat to Australia’s interests and national security.

Biden team to address rising energy prices

President Joe Biden’s administration is taking action both domestically and internationally to address concerns that rising energy prices are hampering the country’s recovery from the pandemic-induced recession. 

National Security Adviser Jake Sullivan asked the Organization of Petroleum Exporting Countries (OPEC) to operate more quickly to restore global petroleum supplies to pre-pandemic levels. 

While the White House has urged the Federal Trade Commission to look into anti-competitive behaviour in the domestic gasoline market that may be driving up prices.

U.S. calls on OPEC and its allies to increase production

The administration of US President Joe Biden has encouraged OPEC and its partners to increase the oil supply in order to combat rising gasoline prices, which they regard as a danger to the global economic recovery. 

U.S. July budget deficit hits $302 billion

The US government posted a $302 billion budget deficit in July, a record for that month, as COVID-19 relief expenditure remained high and collections returned to a more regular pace following a delayed July tax deadline last year.

Rivian considers $5 billion EV plant in Texas

According to a city document, Amazon. com-backed electric vehicle (EV) firm Rivian is in talks to invest at least $5 billion in a new vehicle plant near Fort Worth, Texas.

Pakistan shifts gears on China’s Belt and Road

Pakistan is reversing course on China’s Belt and Road Initiative, reportedly to please Beijing amid mounting security dangers to its in-country residents, interests, and investments. 

 In a surprise and still unexplained move last week, Prime Minister Imran Khan declared, that billionaire Khalid Mansoor will be the country’s new point person for the Beijing-backed US$62 billion China-Pakistan Economic Corridor (CPEC) infrastructure-building programme.

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Yajush Gupta

Yajush Gupta

Yajush is a journalist at Dynamic Business. He previously worked with Reuters as a business correspondent and holds a postgrad degree in print journalism.

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